City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 5, 2014
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER/s/
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Consideration of the Monthly Financial Report for the Period Ending September 30, 2014.
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ISSUE: Receipt of the Monthly Financial Report for the period ending September 30, 2014.
RECOMMENDATION: That City Council receives the Monthly Financial Report (Attachment 1).
BACKGROUND: The following discussion is a summary of the Monthly Financial Report for this period. The complete report is attached.
DISCUSSION: At the end of the first quarter of FY 2015, year-to-date General Fund revenues and expenditures were similar to the four-year average of percent of budget collected and spent.
As of September 30, 2014, actual General Fund revenues totaled $56.1 million, or 8.8% of budgeted revenues, which is 1% less than the four-year average. Through the first quarter of the fiscal year the City's revenue categories remain fairly flat. Vehicle and Business Personal Property taxes were due in early October. The Monthly Financial Report presented to City Council in December will provide the first insight into property tax collections for FY 2015.
As of September 30, 2014, General Fund expenditures totaled $139.7 million, or 21.9% of budgeted expenditures. Compared to the 4-year average at this point in the year, the City spent only 0.4% more of its budget in FY 2015 than in the past. Non-personnel expenditures were slightly higher than they have been in the past, but this was offset by lower personnel expenditures.
Earlier this month, the Governor announced that total Commonwealth General Fund revenue collections increased by 5.3% in September, with individual income taxes, sales taxes, and corporate income taxes accounting for an increase of $81.3 million compared...
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